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<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On July 1, 2014, TCI invested $5.9 million and $6.1 million
in notes receivable from HGH Residential, LLC relating to the acquisition of an apartment complex known as Park West I and II in
Pueblo, CO and the development of an apartment complex known as Tradewinds in Midland, TX.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On July 17, 2014, Realty Advisors, Inc. requested that 890,797
shares of ARI Series A Cumulative Convertible Preferred Stock be converted into ARL Common Stock.  This resulted in the
issuance of 2,502,230 new shares of ARL Common Stock, converted at $6.07 per share.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On July 25, 2014, TCI sold 24.498 acres of land known as Stanley
Tools and Kelly Lots located in Farmers Branch, Texas to an independent third party.  TCI paid off the existing mortgage
of $1.7 million in addition to making a $0.2 million payment on another existing mortgage related to another parcel of land located
in McKinney, Texas.  There was no gain or loss on the land parcel sale.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On July 31, 2014, TCI refinanced the existing mortgage on
Desoto Ranch apartments, a 248-unit complex located in Desoto, Texas, for a new mortgage of $15.7 million.  TCI paid
off the existing mortgage of $15.7 million and $0.5 million in closing costs.   The note accrues interest at 3.5%
and payments of interest and principal are due monthly, maturing June 1, 2050.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Earnings per share (“EPS”) have been computed
pursuant to the provisions of ASC Topic 260, “Earnings Per Share”.  The computation of basic EPS is calculated
by dividing net income available to common shareholders from continuing operations, adjusted for preferred dividends, by the weighted-average
number of common shares outstanding during the period.  Shares issued during the period shall be weighted for the portion
of the period that they were outstanding.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2014, we have 3,353,954 shares of Series A
10.0% cumulative convertible preferred stock, which are outstanding.  These shares may be converted into common stock
at 90% of the average daily closing price of the common stock for the prior 20 trading days.  These are considered in
the computation of diluted earnings per share if the effect of applying the if-converted method is dilutive.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Of the outstanding 3,353,954 shares of Series A 10.0% cumulative
convertible preferred stock, 300,000 shares are owned by ART Edina, Inc. and 600,000 shares are owned by ART Hotel Equities, Inc.,
both wholly owned subsidiaries of ARL.  Dividends are not paid on the shares owned by ARL subsidiaries.  As
of May 30, 2014, the shares were transferred to ARL.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2014 Realty Advisors, Inc., a related party,
owns 2,451,435 shares of the outstanding Series A convertible preferred shares and has accrued dividends unpaid of $15.1 million.   On
July 17, 2014, Realty Advisors, Inc. requested that 890,797 shares of ARI Series A Cumulative Convertible Preferred Stock be converted
into ARL Common Stock.  This resulted in the issuance of 2,502,230 shares of ARL Common Stock, converted at $6.07 per
share.  The surrendered shares had accumulated dividends due of $6.3 million.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The Company had 135,000 shares of Series K convertible preferred
stock, which were held by TCI and used as collateral on a note.  The note has been paid in full and the Series K preferred
stock was cancelled May 7, 2014.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2014, we have 1,000 shares of stock options
outstanding, which will expire January 1, 2015 if not exercised.  The outstanding options are considered in the
computation of diluted earnings per share if the effect of applying the “treasury stock” method is dilutive.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2014, the preferred stock and the stock options
were anti-dilutive and thus not included in the EPS calculation.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>LK-FOUR HICKORY, LLC</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">In conjunction with its sale of Four Hickory in November 2007,
the Company agreed to fund amounts to satisfy its commitment to compensate LK-Four Hickory, LLC for move-in discounts and other
concessions to existing tenants at the time of sale.  The Company also has various agreements with LK-Four Hickory, LLC related
to the funding of projection shortfalls, which, to date, they have not had to provide any additional funding.  In addition,
related parties of the Company have active lease agreements with LK-Four Hickory, LLC and the Company has since guaranteed amounts
related to certain of these leases.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On December 17, 2007, both Limkwang Nevada, Inc., the majority
owner of LK-Four Hickory, LLC and ARL unconditionally guaranteed the punctual payment when due, whether at stated maturity, by
acceleration or hereafter, including all fees and expenses incurred by the bank on collection of a $28.0 million note payable for
LK-Four Hickory, LLC which has a current outstanding balance of $23.4 million.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The Company’s investment in LK-Four Hickory, LLC at
January 17, 2012 was sold and the Company has additional reserves for estimated potential amounts it could be liable for if various
related parties are not able to meet their obligations to LK-Four Hickory, LLC.  The Company will continue to evaluate
these potential estimates and also the likelihood of having to fund any of these and adjust their reserves accordingly.  </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><i>Liquidity.</i>     Management believes
that ARL will generate excess cash flow from property operations in 2014; such excess, however, will not be sufficient to discharge
all of ARL’s obligations as they became due. Management intends to sell land and income- producing real estate, refinance
real estate and obtain additional borrowings primarily secured by real estate to meet its liquidity requirements.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><i>Partnership Buyouts</i>.    ARL is
the limited partner in various partnerships related to the construction of residential properties. As permitted in the respective
partnership agreements, ARL intends to purchase the interests of the general and any other limited partners in these partnerships
subsequent to the completion of these projects. The amounts paid to buy out the non-affiliated partners are limited to development
fees earned by the non-affiliated partners, and are set forth in the respective partnership agreements.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><i>Litigation.</i>     The ownership of
property and provision of services to the public as tenants entails an inherent risk of liability. Although the Company and its
subsidiaries are involved in various items of litigation incidental to and in the ordinary course of its business, in the opinion
of management, the outcome of such litigation will not have a material adverse impact upon the Company’s financial condition,
results of operation or liquidity, unless noted otherwise below.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The Company is involved in, and vigorously defending against,
a number of deficiency claims with respect to assets that have been foreclosed by various lenders.  Such claims are generally
against a consolidated subsidiary as the borrower or the Company as a guarantor of indebtedness or performance.  Some
of these proceedings may ultimately result in an unfavorable determination for the Company and/or one of its consolidated subsidiaries.  While
we cannot predict the final result of such proceedings, management believes that the maximum exposure to the Company and its consolidated
subsidiaries, if any, will not exceed approximately $20.0 million in the aggregate and will occur, if at all, in future years.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>DISPOSED OF ENTITIES:</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>ART and ART Midwest, Inc.</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">While the Company and all entities in which the Company has
a direct or indirect equity interest are not parties to or obligated in any way for the outcome, a formerly owned entity (American
Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have been engaged since 1999 in litigation with Mr. David Clapper
and entities related to Mr. Clapper (collectively, the “Clapper Parties”). The matter originally involved a transaction
in 1998 in which ART Midwest, Inc. was to acquire eight residential apartment complexes from the Clapper Parties. Through the years,
a number of rulings, both for and against American Realty Trust, Inc. (“ART”) and ART Midwest, Inc., were issued. In
October 2011, a ruling was issued under which the Clapper Parties received a judgment for approximately $74 million, including
$26 million in actual damages and $48 million interest. The ruling was against ART and ART Midwest, Inc., but no other entity.
During February 2014, the court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties, but also ruled that
a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate
the damage award, as well as pre and post-judgment interest thereon. ART was also a significant owner of a partnership interest
in the partnership that was awarded the initial damages in this matter.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">In 2005, ART filed suit against a major national law firm
over the initial transaction. That action was initially abated while the principal case with the Clapper Parties was pending, but
the abatement was recently lifted and the action against the law firm is expected to move forward. The only defendants in the litigation
involving the Clapper Parties are ART and ART Midwest, Inc., which, together, had total assets and net worth, as of December 31,
2012, of approximately $10 million. In January 2012, the Company sold all of the issued and outstanding stock of ART to an unrelated
party for a promissory note in the amount of $10 million. At December 31, 2012, the Company fully reserved and valued such note
at zero.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Subsequent to the sale of the ART stock in January 2012, ART
instituted a Chapter 11 bankruptcy proceeding in the United States Bankruptcy Court for the Northern District of Texas, Dallas
Division. In March 2014, the bankruptcy court dismissed the proceeding.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Management of the Company believes that the Company has no
liability for any ultimate judgment in the proceeding involving the Clapper Parties; however, Management of the Company has serious
reservations about the current collectability of the $10 million note and, accordingly, continues to maintain a full reservation
of the value of such note at zero.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Port Olpenitz</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">ARL, through a foreign subsidiary, was involved in developing
a maritime harbor town on the 420 acre site of the former naval base of Olpenitz in Kappeln, Germany. Disputes with the local partner
related to his mismanagement of the project resulted in his being replaced as the managing partner which was followed by a filing
for bankruptcy protection in Germany to completely remove him from the project. An insolvency manager was placed in control of
the project in order to protect the creditors and as of December 31, 2013, had sold the vast majority of assets (almost all land)
of the project. The Company no longer has any financial responsibility for the obligations of the creditors related to the project
and has claims filed for loans relating to our investment in the project. Due to the questionable collectability of these loans
from the proceeds of the project, the Company has written off the unreserved balance of $5.3 million in the project. As of December
13, 2013, ARL had filed two lawsuits in Germany to recover funds invested in the project. The lawsuits are against: 1) the former
German partner and his company, and 2) against the law firm in Hamburg originally hired to protect ARL’s investment in the
project. At this time it is unknown how much can be recovered or how successful the litigation will be.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>DYNEX CAPITAL, INC.</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On February 13, 2013, the Court of Appeals, Fifth District
of Texas at Dallas (the “Fifth Court of Appeals”) rendered an opinion involving TCI in Case No. 05-04-01358-CV styled
<i>Basic Capital Management, Inc., American Realty Trust, Inc., Transcontinental Realty Investors, Inc., Continental Poydras Corp.,
Continental Common, Inc. and Continental Baronne, Inc. v. Dynex Commercial, Inc. and Dynex Capital, Inc. </i>The case was on appeal
from the 68th Judicial District Court of Dallas County, Texas, had previously been appealed to the Fifth Court of Appeals and further
appealed to the Supreme Court of the State of Texas which had remanded the instant case back to the Fifth Court of Appeals to address
certain issues. The case had its origin with Dynex Commercial making loans to Continental Poydras Corp., Continental Common, Inc.
and Continental Baronne, Inc. (subsidiaries of Continental Mortgage & Equity Trust (“CMET”), an entity which merged
into TCI in 1999 after the original suit was filed). Under the original loan commitment, $160,000,000 in loans were to be made
to the entities. The loans were conditioned on the execution of a commitment between Dynex Commercial and Basic Capital Management,
Inc. (“Basic”).</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">An original trial to a jury resulted in the jury awarding
significant damages to Basic for “lost opportunity,” awarding damages in “increased costs” and “lost
opportunity” damages to ART and damages of $960,646.28 in “increased costs” and $11,161,520 for “lost opportunity’
damages in favor of TCI and its subsidiaries (a total of $12,122,166.28). The original Trial Court ignored the jury’s findings
and entered a “Judgment Notwithstanding the Verdict” (“JNOV”) in Dynex’s favor; the Fifth Court of
Appeals has now ruled that the JNOV was improper because there was sufficient evidence to support the jury’s findings. As
a result, the Fifth Court of Appeals ordered the Trial Court to enter a new judgment consistent with the jury’s original
findings.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The Fifth Court of Appeals also determined that TCI was entitled
to damages for “lost opportunities” relating to tenant improvements and awarded TCI an additional $252,577. Issues
relating to attorneys fees were also addressed with the Fifth Court of Appeals ordering the Trial Court to “re-try”
the issue of attorney’s fees to determine the amount of fees to which TCI would be entitled on a “breach of commitment”
claim. In addition, as a result of the changes in amounts awarded and passage of time, the Fifth Court of Appeals also ordered
the Trial Court to recalculate the correct amounts of pre and post-judgment interest owed to Appellants.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">While the fifteen year old controversy is not yet fully resolved,
the Fifth Court of Appeals opinion is favorable to TCI, but TCI expects continued challenges by Dynex to the Fifth Court of Appeals
opinion and any ultimate award of damages by the Trial Court.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">During the first quarter of the fiscal year covered by this
Report, no proceeding previously reported was terminated.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We apply the provisions of ASC Topic 360, “Property,
Plant and Equipment”. ASC Topic 360 requires that long-lived assets that are to be disposed of by sale be measured at the
lesser of (1) book value or (2) fair value less cost to sell.  In addition, it requires that one accounting
model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include
more disposal transactions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Discontinued operations relates to properties that were either
sold or held for sale as of the period ended June 30, 2014.   Included in discontinued operations are a total of
three and 18 properties for 2014 and 2013, respectively. Properties sold in 2014 have been reclassified to discontinued operations
for current and prior year reporting periods.  In 2014, we sold one apartment complex (Pecan Pointe) and one commercial
property (1010 Common) and have one commercial property held for sale (Sesame Square).  In 2013, we sold 11 apartment
complexes (Dorado Ranch, Huntington Ridge, Laguna Vista, Legends of El Paso, Mariposa Villas, Paramount Terrace, River Oaks, Savoy
of Garland, Stonebridge at City Park, Verandas at City View and Vistas of Pinnacle Park) and four commercial properties (225 Baronne,
Amoco, Ergon and Eton Square).  The gain on sale of the properties is also included in discontinued operations for those
years.  The following table summarizes revenue and expense information for the properties sold and held for sale (dollars
in thousands):</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>For the Three Months Ended June 30,</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>For the Six Months Ended June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Revenues:</b></font></td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 48%; padding-bottom: 1.5pt"><font style="font-size: 8pt">     Rental and other property revenues</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(7</font></td>
<td nowrap="nowrap" style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">8,039</font></td>
<td nowrap="nowrap" style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">1,251</font></td>
<td nowrap="nowrap" style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">17,103</font></td>
<td nowrap="nowrap" style="width: 1%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(7</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,039</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,251</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">17,103</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Expenses:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">     Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">221</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,374</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,208</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,891</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">     Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">21</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,297</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">193</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,735</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">     General and administrative</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">140</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">271</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">305</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">540</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">          Total operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">382</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,942</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,706</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">11,166</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Other income (expense):</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">     Other income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(528</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(491</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">     Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(70</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,047</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(388</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,326</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">     Deferred borrowing costs amortization</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(993</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(278</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,012</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">     Loan charges and prepayment penalties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,200</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,245</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">     Litigation settlement</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(205</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(45</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(250</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(90</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">          Total other expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(800</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(6,265</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,407</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(8,653</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Loss from discontinued operations before gain on sale of real estate and tax</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,189</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,168</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,862</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,716</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">     Gain on sale of real estate from discontinued operations</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,003</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">18,074</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">13,057</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">25,301</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">     Income tax expense</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(2,035</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(5,217</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(3,918</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(7,905</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Income from discontinued operations</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">3,779</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">9,689</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,277</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">14,680</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Our application of ASC Topic 360 results in the presentation
of the net operating results of these qualifying properties sold or held for sale during 2014 as income from discontinued operations.  This
does not have an impact on net income available to common shareholders and only impacts the presentation of these properties within
the Consolidated Statements of Operations.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Our segments are based on our method of internal reporting
which classifies our operations by property type.  Our property types are grouped into commercial, apartments, hotels,
land and other operating segments.  Significant differences among the accounting policies of the operating segments as
compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative and other
expenses.  Management evaluates the performance of each of the operating segments and allocates resources to them based
on their net operating income and cash flow.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Items of income that are not reflected in the segments are
interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships, and gains on sale of real
estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general
and administrative, non-controlling interests and net loss from discontinued operations before gains on sale of real estate.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The segment labeled as “Other” consists of revenue
and operating expenses related to the notes receivable and corporate debt.</p>
<p style="font: 8pt/13.7pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Presented below is our reportable segments’ operating
income for the three and six months ended June 30, 2014 and 2013, including segment assets and expenditures (dollars in thousands):</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Commercial</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Three Months Ended June 30, 2014</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Apartments</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Hotels</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Land</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Other</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 28%"><font style="font-size: 8pt">Rental and other property revenues</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">4,775</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">16,055</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">18</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">20,848</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,168</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,871</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">280</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,319</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,758</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,741</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(18</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,481</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,637</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,161</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,412</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,536</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,746</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Deferred borrowing costs amortization</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">104</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">46</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">185</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">343</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Interest income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,041</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,041</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Gain on land sales</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(159</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(159</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,796</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,178</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,897</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">3,356</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,841</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Capital expenditures</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,862</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">99</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">159</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,120</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">131,193</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">372,674</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">167,293</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt"><b>Property Sales</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Sales price</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">16,600</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">717</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">17,317</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of sale</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">9,597</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">876</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">10,473</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Gain (loss) on sale</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,003</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(159</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,844</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Commercial</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Three Months Ended June 30, 2013</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Apartments</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Hotels</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Land</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Other</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Rental and other property revenues</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,121</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">15,252</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">22</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">7</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">20,402</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,383</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,645</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">356</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">32</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,416</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,669</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,701</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(39</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,331</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,655</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,336</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,504</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,790</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,285</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Deferred borrowing costs amortizaion</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">21</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(94</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">35</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(31</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Loan charges and prepayment penalties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">180</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">180</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Interest income</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">3,512</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">3,512</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(607</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,664</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,873</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,549</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">733</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Capital expenditures</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,236</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">79</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,315</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">138,990</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">383,068</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210,095</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">732,153</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Property Sales</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Sales price</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">26,974</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">24,822</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">51,796</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of sale</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">14,914</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">18,808</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">33,722</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Gain on sale</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">12,060</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,014</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">18,074</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The table below reconciles the segment information to the
corresponding amounts in the Consolidated Statements of Operations:</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>For the Three Months Ended</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 72%"><font style="font-size: 8pt">Segment operating income</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,841</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">733</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Other non-segment items of income (expense)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">General and administrative</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,196</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,041</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Net income fee to related party</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(210</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(48</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Advisory fee to related party</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,202</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,487</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Other income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">232</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">149</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Provision on impairment of notes receivable and real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(800</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Earnings from unconsolidated investees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(124</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(25</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Litigation settlement</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(86</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">57</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 8pt">Income tax benefit</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">2,035</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">5,217</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Net income (loss) from continuing operations</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,710</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">755</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The table below reconciles the segment information to the
corresponding amounts in the Consolidated Balance Sheets:</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 72%"><font style="font-size: 8pt">Segment assets</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">732,153</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Investments in unconsolidated investees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,833</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,415</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Notes and interest receivable</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">138,014</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">103,690</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Other assets</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">109,218</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">212,355</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Total assets</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">922,225</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,058,613</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Commercial</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Six Months Ended June 30, 2014</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Apartments</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Hotels</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Land</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Other</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 28%"><font style="font-size: 8pt">Rental and other property revenues</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">9,557</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">31,736</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">28</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">41,321</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,315</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">13,668</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">590</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20,578</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,571</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,435</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(54</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,952</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,114</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,357</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,462</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,279</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">18,212</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Deferred borrowing costs amortization</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">21</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">992</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">81</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">188</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,282</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Loan charges and prepayment penalties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,573</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,582</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Interest income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,158</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,158</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Gain on land sales</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">594</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">594</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(3,473</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,711</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(2,485</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">5,714</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,467</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Capital expenditures</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,992</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">99</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">151</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,242</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">131,193</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">372,674</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">167,293</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Property Sales</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Sales price</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">16,600</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">23,131</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">717</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">40,448</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of sale</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">9,597</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">17,077</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">123</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">26,797</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Gain on sale</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,003</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,054</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">594</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">13,651</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Commercial</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Six Months Ended June 30, 2013</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Apartments</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Hotels</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Land</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Other</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Rental and other property revenues</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10,384</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">30,183</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">56</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">14</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">40,637</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,594</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">13,009</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">726</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">19,338</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,777</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,401</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(98</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,080</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,986</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,000</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,041</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,693</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">18,720</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Deferred borrowing costs amortizaion</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">43</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,247</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">97</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">42</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,429</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Loan charges and prepayment penalties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,937</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">180</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,117</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Interest income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,053</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,053</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Loss on land sales</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(35</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(35</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,016</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(3,411</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(3,843</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">3,241</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(5,029</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Capital expenditures</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,913</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">110</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">281</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,304</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">138,990</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">383,068</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210,095</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">732,153</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Property Sales</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Sales price</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">26,974</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">50,122</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,250</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">79,346</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of sale</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">14,914</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">36,881</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">2,285</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">54,080</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Gain (loss) on sale</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">12,060</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">13,241</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(35</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">25,266</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The table below reconciles the segment information to the
corresponding amounts in the Consolidated Statements of Operations:</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>For the Six Months Ended</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 72%"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,467</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">(5,029</font></td>
<td nowrap="nowrap" style="width: 1%"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Other non-segment items of income (expense)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">General and administrative</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(5,188</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,053</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Net income fee to related party</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(700</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(104</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Advisory fee to related party</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,445</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(5,042</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Other income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">411</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,685</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Loss on sale of investments</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(8</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Provision on impairment of notes receivable and real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(800</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Earnings from unconsolidated investees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(54</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">188</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Litigation settlement</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,752</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 8pt">Income tax benefit</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">3,918</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">7,905</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Net loss from continuing operations</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(839</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(4,246</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 100%"><font style="font-size: 8pt">The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 72%"><font style="font-size: 8pt">Segment assets</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">732,153</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Investments in unconsolidated investees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,833</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,415</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Notes and interest receivable</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">138,014</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">103,690</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Other assets</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">109,218</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">212,355</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Total assets</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">922,225</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,058,613</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The following table reconciles the beginning and ending balances
of accounts receivable from and (accounts payable) to related parties as of June 30, 2014 (dollars in thousands):</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Pillar</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 82%"><font style="font-size: 8pt">Related party receivable, December 31, 2013</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">14,086</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Cash transfers</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">27,262</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Advisory fees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,445</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Fees and commissions</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,194</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Cost reimbursements</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,670</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Interest (to) from advisor</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">490</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Notes receivable purchased</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(8,437</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Net income fee</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(700</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Expenses paid by Advisor</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,317</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Financing (mortgage payments)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,669</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 8pt">Sales/purchases transactions</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">350</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Related party receivable, June 30, 2014</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">26,094</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">During the ordinary course of business, we have related party
transactions that include, but are not limited to, rent income, interest income, interest expense, general and administrative costs,
commissions, management fees and property expenses.  In addition, we have assets and liabilities that include related
party amounts.  The related party amounts included in assets and liabilities, and the related party revenues and expenses
received/paid are shown on the face of the financial statements.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Below is a summary of our notes and interest payable as of
June 30, 2014 (dollars in thousands):</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Notes Payable</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Accrued Interest</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total Debt</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 58%"><font style="font-size: 8pt">Apartments</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">406,222</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,199</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">407,421</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Commercial</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">101,855</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">463</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">102,318</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Land</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">88,344</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">117</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">88,461</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Real estate held for sale</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,203</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,203</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Real estate subject to sales contract</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">19,174</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,584</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20,758</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Other</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">24,174</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">92</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">24,266</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>641,972</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>3,455</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>645,427</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/13.7pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The segment labeled as “Other” consists of unsecured
or stock-secured notes payable.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">With respect to the additional notes payable due to the acquisition
of properties or refinancing of existing mortgages, a summary of some of the more significant transactions is discussed below:</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On February 10, 2014, a subsidiary of the Company paid off
an existing margin loan and entered into a $4 million promissory note with a third party, secured by TCI stock.  The note
matures on February 10, 2016 and has an interest rate of 6%.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On February 12, 2014, TCI exercised the first prepayment option
on the settlement relating to the Amoco Building and paid $1.2 million to settle all obligations.  The remaining balance
of the note in the amount of $3.5 million, along with accrued interest, was forgiven.  The 135,000 shares of Series K
Convertible Preferred Stock of ARL that was pledged to the lender has been released to TCI.  The Series K preferred stock
was cancelled May 7, 2014.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On February 14, 2014, the Company entered into a settlement
and loan modification agreement with the lender regarding EQK Portage land.  The new loan is for $1.6 million, matures
on February 6, 2017 and has an interest rate of one-month LIBOR plus 5%.  The Company paid $200,000 at close which was
used to adjust the current outstanding loan balance to the newly stated loan balance and the remainder was used to pay down interest
that had been accruing under the prior agreement.  The rest of the unpaid interest that accrued under the prior agreement
was waived.  Per the agreement, the Company was also required to pay off the property tax note of $257,000.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On February 28, 2014, TCI refinanced the existing mortgage
on Parc at Denham Springs apartments, a 224-unit complex located in Denham Springs, LA, for a new mortgage of $19.2 million.  TCI
paid off the existing mortgage of $19.2 million and $1.6 million in closing costs.  The note accrues interest at 3.75%
and payments of interest and principal are due monthly, maturing April 1, 2051.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On March 25, 2014, TCI exercised its lender granted option
under the settlement agreement relating to the Galleria East Center Retail / Showcase Chevrolet land which was transferred to the
existing lender on February 4, 2011.  TCI paid the balance of the notes along with all accrued and unpaid interest and
received a reduction in price of $0.4 million.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On March 28, 2014, TCI secured financing of $40.0 million
from an independent third party.  The note has a term of five years at an interest rate of 12.0%.  The note is interest
only for the first year with quarterly principal payments due of $500,000 starting April 1, 2015.  The loan is secured by
various equity interests in residential apartments and can be prepaid at a penalty rate of 4% for year 1 with the penalty declining
by 1% each year thereafter.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On March 31, 2014, TCI entered into a settlement agreement
relating to the Fenton Centre building which was transferred to the existing lender on June 7, 2011.  The total amount
of the settlement was $7.0 million, $5.0 million was paid at the time of the settlement and the remaining $2.0 million will be
paid out in equal monthly installments through November 5, 2015.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On May 28, 2014, a $1.5 million principal payment was made
to the existing Realty Advisors, Inc. mortgage and two additional land parcels, including 8.0 acres of Ladue land owned by TCI
and 16.75 acres of Valwood land owned by ARL, were substituted as collateral under the note in exchange for a release of a $4 million
deposit account.  The principal balance is allocated based on the land valuation.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">There are various land mortgages, secured by the property,
that are in the process of a modification or extension to the original note due to expiration of the loan.  We are in
constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely resolution
that is similar to the existing agreement or subsequent modification.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The properties that we have sold to a related party and have
deferred the recognition of the sale are treated as “subject to sales contract” on the Consolidated Balance Sheets.  These
properties were sold to a related party in order to help facilitate an appropriate debt or organizational restructure and may or
may not be transferred back to the seller upon resolution.  These properties have mortgages that are secured by the property
and many have corporate guarantees.  According to the loan documents, the maker is currently in default on these mortgages
primarily due to lack of payment and is actively involved in discussions with every lender in order to settle or cure the default
situation.  We have reviewed each asset and taken impairment to the extent we feel the value of the property was less than
our current basis.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Investments in unconsolidated investees in which we have a
20% to 50% interest or otherwise exercise significant influence are carried at cost and adjusted for the Company’s proportionate
share of their undistributed earnings or losses under the equity method of accounting.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Investments in unconsolidated investees consist of the following:</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>Percentage ownership as of</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"><b>June 30, 2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"><b>June 30, 2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Gruppa Florentina, LLC</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20.00</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">%</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20.00</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">%</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Gruppa Florentina, LLC is the sole member of Milano Restaurants
International Corporation, (“Milano”) which operates 35 pizza parlors under the trade name “Me-N-Ed’s Pizza
Parlors” located primarily in Central and Northern California.  Milano has a 100% ownership interest in SienaCorp,
which operates two grills under the trade names “Me-N-Ed’s Victory Grill” and “Me-N-Ed’s Coney Island
Grill”.  Milano has a 100% ownership interest in Piazza del Pane, Inc., which operates two restaurants located
in Central California.  Milano also has 23 franchised locations, including two operating, under the trade name Angelo
& Vito’s Pizzerias.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The following is a summary of the financial position and results
of operations from our investees (dollars in thousands):</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>As of June 30,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 72%"><font style="font-size: 8pt">Real estate, net of accumulated depreciation</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">10,832</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">11,153</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Notes receivable</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,934</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,367</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Other assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">31,107</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">31,589</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Notes payable</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(11,002</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(12,490</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Other liabilities</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(6,631</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(7,093</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Shareholders' equity</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(31,240</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(29,526</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Six Months Ended June 30,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Revenue</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">23,990</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">23,029</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(575</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(589</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(22,121</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(20,946</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Interest expense</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(445</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(534</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Income from continuing operations</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">849</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">960</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Income from discontinued operations</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Net income</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">849</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">960</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Company's proportionate share of earnings (1)</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">170</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">192</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="4"><font style="font-size: 8pt">(1) Earnings represents continued and discontinued operations</font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">A portion of our assets are invested in mortgage notes receivable,
principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property
sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the
borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes
in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity. </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Our mortgage notes receivable consist
of first, wraparound and junior mortgage loans (dollars in thousands):</p>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt"><b> Maturity</b></font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt"><b>Interest </b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>Borrower</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 8pt"><b>Date</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 8pt"><b>Rate</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 8pt"><b>Amount</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 8pt"><b>Security</b></font></td></tr>
<tr style="vertical-align: top">
<td colspan="3"><font style="font-size: 8pt">Performing loans:</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Miscellaneous non-related party notes</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"> $           3,297</font></td>
<td> </td>
<td><font style="font-size: 8pt">Various secured interests</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Miscellaneous related party notes (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,441</font></td>
<td> </td>
<td><font style="font-size: 8pt">Various secured interests</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     One Realco Corporation (1) (2)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">01/17</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              7,000</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Realty Advisors Management, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/16</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.20%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">            20,387</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="3"><font style="font-size: 8pt">     S Breeze I-V, LLC</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">06/14</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,314</font></td>
<td> </td>
<td><font style="font-size: 8pt">6% Class A and 25% Class B Limited Partner Interests</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Woodhaven-Hawthorn, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">10/19</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.50%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">                 985</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,097</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of McKinney, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Echo Station) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,481</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Temple, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Inwood on the Park) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              5,059</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing Inwood, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Kensington Park) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,936</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing Kensington, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Lakeshore Villas) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,000</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Lakeshore Villas) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              9,096</font></td>
<td> </td>
<td><font style="font-size: 8pt">Membership interest in Housing for Seniors of Humble, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Limestone Canyon) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,057</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Austin, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Limestone Canyon) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              4,663</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Austin, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Limestone Ranch) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,250</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Vista Ridge, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Limestone Ranch) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              6,000</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Vista Ridge, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Parkside Crossing) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,272</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Parkside Crossing, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Sendero Ridge) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              5,174</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Sendero Ridge, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Sendero Ridge) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              4,812</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Sendero Ridge, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Timbers at the Park) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,323</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Terrell, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Tivoli) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              7,966</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Tivoli, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="7"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1)</font></td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,485</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Harvest Hill I, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="7"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1)</font></td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,555</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Harvest Hill, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Trails at White Rock) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,815</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Harvest Hill III, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/13</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              6,000</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/15</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">            17,928</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/16</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,657</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="7"><font style="font-size: 8pt">     Foundation for Better Housing, Inc. (Preserve at Prairie Pointe) (1)</font></td>
<td style="text-align: center"><font style="font-size: 8pt">03/19</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,810</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="7"><font style="font-size: 8pt">     Foundation for Better Housing, Inc. (Preserve at Prairie Pointe) (1)</font></td>
<td style="text-align: center"><font style="font-size: 8pt">03/17</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,156</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Foundation for Better Housing, Inc. (Vista Ridge) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">04/19</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,923</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="3"><font style="font-size: 8pt">     Accrued interest</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">            11,471</font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="3"><font style="font-size: 8pt"><b>Total Performing</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"><b> $       154,410</b></font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td style="width: 2%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 13%"> </td>
<td style="width: 1%"> </td>
<td style="width: 5%"> </td>
<td style="width: 1%"> </td>
<td style="width: 5%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%"> </td>
<td style="width: 1%"> </td>
<td style="width: 44%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="4"><font style="font-size: 8pt">Non-Performing loans:</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="4"><font style="font-size: 8pt">     Leman Development, Ltd (2)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">07/11</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,500</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="3"><font style="font-size: 8pt">     Tracy Suttles (2)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/11</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,077</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Miscellaneous non-related party notes</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">                 507</font></td>
<td> </td>
<td><font style="font-size: 8pt">Various secured interests</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="3"><font style="font-size: 8pt">     Accrued interest</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">                   57</font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td colspan="4"><font style="font-size: 8pt"><b>Total Non-Performing</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"><b> $           3,141</b></font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">      Allowance for doubtful accounts</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">          (19,537)</font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="2"><font style="font-size: 8pt"><b>Total</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b> $       138,014</b></font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="4"><font style="font-size: 8pt"> (1)  Related party notes</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="8"><font style="font-size: 8pt"> (2)  An allowance was taken for estimated losses at full value of note</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">At June 30, 2014, we had junior mortgage loans and accrued
interest receivable from related parties, net of allowances, totaling $131.0 million. We recognized interest income of $7.8 million
related to these notes receivables.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The Company has various notes receivable from Unified Housing
Foundation, Inc. (“UHF”).  UHF is determined to be a related party to the Company due to our significant
investment in the performance of the collateral secured under the notes receivable.  Payments are due from surplus cash
flow of operations.  Sale or refinance of any of the properties underlying these notes will be used to repay outstanding
interest and principal for the remaining notes.  These notes are cross-collateralized but to the extent cash is received
from a specific UHF property, it is applied against any outstanding interest for the related-property note.  The allowance
on the UHF notes was a purchase allowance that was netted against the notes when acquired.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On March 31, 2014, TCI invested $3.2 million of notes and
accrued interest receivable from Foundation for Better Housing, Inc. for the acquisition and refinance of Preserve at Prairie Pointe.  The
notes accrue interest at 12% and mature at various times.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On April 1, 2014, TCI invested $4.0 million of a note and
accrued interest receivable from Foundation for Better Housing, Inc. for the acquisition of Vista Ridge.  The note accrues
interest at 12% and matures in April 2019.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Below is a summary of the real estate owned as of June 30,
2014 (dollars in thousands):</p>
<p style="font: 8pt/13.7pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 86%"><font style="font-size: 8pt">Apartments</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">436,211</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Commercial properties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">178,338</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Land held for development</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">156,034</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Real estate held for sale</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,116</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Real estate subject to sales contract</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">25,211</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Total real estate</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">797,910</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Less accumulated depreciation</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(126,750</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Total real estate, net of depreciation</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The highlights of our significant real estate transactions
for the six months ended June 30, 2014 are listed below:</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On February 6, 2014, TCI sold a 232-unit apartment complex
known as Pecan Pointe located in Temple, Texas for a sales price of $23.1 million to an independent third party.  The
buyer assumed the existing debt of $16.5 million secured by the property.  A gain of $6.1 million was recorded on the
sale.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On March 26, 2014, TCI sold 6.314 acres of land known as McKinney
Ranch land located in McKinney, Texas to an independent third party, for a sales price of $1.7 million.  We paid $1.5
million on the existing mortgage to satisfy a portion of the multi-tract collateral debt of $6.6 million, secured by various land
parcels located in McKinney, Texas.  A gain of $0.8 million was recorded on the land parcel sale.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On March 31, 2014, the Company purchased 16.87 acres of land
known as Valwood Acres located in Farmers Branch, Texas from an independent third party for a purchase price of $3.2 million.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">On April 3, 2014, TCI sold 1010 Common, a 512,593 square foot
commercial building, located in New Orleans, Louisiana, for a sales price of $16.6 million to an independent third party. 
A gain of $7.0 million was recorded on the sale.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2014, there is one apartment complex, one commercial
building and 134 acres of land that TCI has sold to a related party and has deferred the recognition of the sale.  These
are treated as “subject to sales contract” on the Consolidated Balance Sheets. These properties were sold to a related
party in order to help facilitate an appropriate debt or organizational restructure and may or may not be transferred back to the
seller upon resolution. These properties have mortgages that are secured by the property and many have corporate guarantees. According
to the loan documents, the maker is currently in default on these mortgages primarily due to lack of payment and is actively involved
in discussions with every lender in order to settle or cure the default situation. TCI has reviewed each asset and taken impairment
to the extent it feels the value of the property was less than its current basis.  TCI did not recognize or record the
sale in accordance with ASC 360-20 due to our continuing involvement, which included the potential payment of cash shortfalls,
future obligations under the existing mortgage and guaranty, the buyer’s inadequate initial investment and TCI’s questionable
recovery of investment cost.  TCI determined that no sale had occurred for financial reporting purposes and therefore
the asset remained on the books and continued to record operating expenses and depreciation as a period cost until a sale occurred
that met the requirements of ASC 360-20.  The buyers received no compensation for the facilitation of the bankruptcy
or debt restructuring process.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We continue to invest in the development of apartment projects.
During the six months ended June 30, 2014, we have expended $0.6 million related to the construction or predevelopment of various
apartment complexes.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Organization</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">As used herein, the terms “ARL”, “the Company”,
“we”, “our” or “us” refer to American Realty Investors, Inc., a Nevada corporation, which was
formed in November 1999.  In August 2000, the Company acquired American Realty Trust, Inc. (“ART”), a Georgia
corporation and National Realty, L.P. (“NRLP”), a Delaware partnership.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The Company is headquartered in Dallas, Texas and its common
stock trades on the New York Stock Exchange (“NYSE”) under the symbol (“ARL”). Approximately 87.4% of ARL’s
stock is owned by related parties.  Subsidiaries of ARL own approximately 83.8% of the outstanding shares of common stock
of Transcontinental Realty Investors, Inc. (“TCI”), a Nevada corporation, which has its common stock listed and traded
on the New York Stock Exchange (“NYSE”) under the symbol (“TCI”).  ARL is a “C” corporation
for U.S. federal income tax purposes and has consolidated TCI’s accounts and operations since March 2003.  During
the third quarter 2012, Realty Advisors Management, Inc. (“RAMI”) and its subsidiaries acquired more than 80% of ARL
stock and as a result, ARL joined the RAMI consolidated group for federal income tax reporting.  We have no employees.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">TCI, a subsidiary of ARL, owns approximately 81.1% of the
common stock of Income Opportunity Realty Investors, Inc. (“IOT”).   Effective July 17, 2009, IOT’s
financial results were consolidated with those of ARL and TCI and their subsidiaries.  Shares of IOT are traded on the NYSE
MKT under the symbol (“IOT”). </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">ARL invests in real estate through direct ownership, leases
and partnerships and also invests in mortgage loans on real estate.  Pillar Income Asset Management, Inc. (“Pillar”)
is the Company’s external Advisor and Cash Manager.  Although the Board of Directors is directly responsible for
managing the affairs of ARL, and for setting the policies which guide it, the day-to-day operations of ARL are performed by Pillar,
as the contractual Advisor, under the supervision of the Board.  Pillar’s duties include, but are not limited to, locating,
evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing
for the Company with third party lenders and investors.  Additionally, Pillar serves as a consultant to the Board with regard
to their decisions in connection with ARL’s business plan and investment policy.  Pillar also serves as an Advisor and
Cash Manager to TCI and IOT.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Regis Realty Prime, LLC (“Regis”) manages our
commercial properties and provides brokerage services.  ARL engages third-party companies to lease and manage its apartment
properties.  TCI also has a development agreement with Unified Housing Foundation, Inc. (“UHF”) a non-profit
corporation that provides management services for the development of residential apartment projects in the future.  This
development agreement was terminated December 31, 2013.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Properties</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We own or had interests in a total property portfolio of 45
income-producing properties as of June 30, 2014.  The properties consisted of:</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 41px; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 45px; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">•</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Nine commercial properties consisting of five office buildings, one industrial warehouse, and three retail centers comprising in aggregate approximately 2.1 million rentable square feet;</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 41px"> </td>
<td style="width: 45px"><font style="font-size: 8pt">•</font></td>
<td><font style="font-size: 8pt">36 apartment communities totaling 6,166 units, excluding apartments being developed; and</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 41px"> </td>
<td style="width: 45px"><font style="font-size: 8pt">•</font></td>
<td><font style="font-size: 8pt">4,155 acres of developed and undeveloped land.</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We join with various third-party development companies to
construct residential apartment communities. We are in the predevelopment process on several residential apartment communities
but have not yet begun construction.  At June 30, 2014, we had no apartment projects in development.  The third-party
developer typically holds a general partner as well as a majority limited partner interest in a limited partnership formed for
the purpose of building a single property while we generally take a minority limited partner interest in the limited partnership.
We may contribute land to the partnership as part of our equity contribution or we may contribute the necessary funds to the partnership
to acquire the land. We are required to fund all required equity contributions while the third-party developer is responsible for
obtaining construction financing, hiring a general contractor and for the overall management, successful completion and delivery
of the project. We generally bear all the economic risks and rewards of ownership in these partnerships and therefore include these
partnerships in our consolidated financial statements. The third-party developer is paid a developer fee typically equal to a percentage
of the construction costs. When the project reaches stabilized occupancy, we acquire the third-party developer’s partnership
interests in exchange for any remaining unpaid developer fees.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Basis of Presentation</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The accompanying unaudited Consolidated Financial Statements
have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Certain information
and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally
accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations,
although management believes the disclosures are adequate to prevent the information presented from being misleading.  In
the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation
have been included.  The results of operations for the six months ended June 30, 2014 are not necessarily indicative
of the results that may be expected for other interim periods or for the full fiscal year.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The year-end Consolidated Balance Sheet at December 31,
2013 was derived from the audited financial statements at that date, but does not include all of the information and disclosures
required by GAAP for complete financial statements.  For further information, refer to the financial statements and notes
thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.  Certain
2013 financial statement amounts have been reclassified to conform to the 2014 presentation, including adjustments for discontinued
operations.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Principles of Consolidation</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The accompanying Consolidated Financial Statements include
the accounts of the Company, its subsidiaries, generally all of which are wholly-owned, and all entities in which we have a controlling
interest.  Arrangements that are not controlled through voting or similar rights are accounted for as a Variable Interest
Entity (“VIE”), in accordance with the provisions and guidance of ASC Topic 810, “Consolidation”, whereby
we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or managing
member as identified in accordance with Emerging Issues Task Force (“EITF”) Issue 04-5, Investor’s Accounting
for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain
Rights (“EITF 04-5”).  VIEs are generally entities that lack sufficient equity to finance their activities
without additional financial support from other parties or whose equity holders as a group lack adequate decision making ability,
the obligation to absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to
their economic interests.  The primary beneficiary generally is the entity that provides financial support and bears
a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially affect
the entity’s financial results.  All significant intercompany balances and transactions have been eliminated in
consolidation.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">In determining whether we are the primary beneficiary of a
VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment;
the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability
to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities
of us and the other investors.  Significant judgments related to these determinations include estimates about the current
future fair values and performance of real estate held by these VIEs and general market conditions.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">For entities in which we have less than a controlling financial
interest or entities where we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method
of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income.  Our
investment in Gruppa Florentina, LLC is accounted for under the equity method.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Real Estate, Depreciation and Impairment</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Real estate assets are stated at the lower of depreciated
cost or fair value, if deemed impaired.  Major replacements and betterments are capitalized and depreciated over their
estimated useful lives.  Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings
and improvements – 10-40 years; furniture, fixtures and equipment – 5-10 years).  The Company continually
evaluates the recoverability of the carrying value of its real estate assets using the methodology prescribed in ASC Topic 360,
“Property, Plant and Equipment”.  Factors considered by management in evaluating impairment of its existing
real estate assets held for investment include significant declines in property operating profits, annually recurring property
operating losses and other significant adverse changes in general market conditions that are considered permanent in nature.  Under
ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows
of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of
the asset) over its estimated holding period are in excess of the asset’s net book value at the balance sheet date.  If
any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset
to its estimated fair value.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Real Estate Held For Sale</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We periodically classify real estate assets as “held
for sale”.  An asset is classified as held for sale after the approval of our Board of Directors, after an active
program to sell the asset has commenced and if the sale is probable.  One of the deciding factors in determining whether
a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year.  Upon
the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net
book value or its estimated fair value, less costs to sell the asset.  Subsequent to the classification of assets as
held for sale, no further depreciation expense is recorded.  Real estate assets held for sale are stated separately on
the accompanying Consolidated Balance Sheets.  Upon a decision that the sale is no longer probable, the asset is classified
as an operating asset and depreciation expense is reinstated.  The operating results of real estate assets held for sale
and sold are reported as discontinued operations in the accompanying Consolidated Statements of Operations.  Income from
discontinued operations includes the revenues and expenses, including depreciation and interest expense, associated with the assets.  This
classification of operating results as discontinued operations applies retroactively for all periods presented.  Additionally,
gains and losses on assets designated as held for sale are classified as part of discontinued operations.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Cost Capitalization</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Costs related to planning, developing, leasing and constructing
a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets.  We capitalize interest to qualifying
assets under development based on average accumulated expenditures outstanding during the period.  In capitalizing interest
to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use the weighted average interest
rate of non-project specific debt.  We capitalize interest, real estate taxes and certain operating expenses until building
construction is substantially complete and the building is ready for its intended use, but no later than one year from the cessation
of major construction activity.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We capitalize leasing costs which include commissions paid
to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable.  We
allocate these costs to individual tenant leases and amortize them over the related lease term.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Fair Value Measurement</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We apply the guidance in ASC Topic 820, “Fair Value
Measurements and Disclosures”, to the valuation of real estate assets.  These provisions define fair value as the
price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the
measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure
of fair value measurements by level within the fair value hierarchy.  The hierarchy gives the highest priority to quoted
prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the
reporting entity’s own data.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The valuation hierarchy is based upon the transparency of
inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows:</p>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="width: 7%"> </td>
<td style="width: 93%"> </td></tr>
<tr>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">Level 1 –</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">Level 2 –</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">Level 3 –</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Unobservable inputs that are significant to the fair value measurement.</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">A financial instrument’s categorization within the valuation
hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Related Parties</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We apply ASC Topic 805, “Business Combinations”,
to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics,
which include entities for which investments in their equity securities would be required, trust for the benefit of persons including
principal owners of the entities and members of their immediate families, management personnel of the entity and members of their
immediate families and other parties with which the entity may  deal if one party controls or can significantly influence
the decision making  of the other to an extent that one of the transacting parties might be prevented from fully pursuing
its own separate interests, or affiliates of the entity.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Newly Issued Accounting Standards</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We have considered all other newly issued accounting guidance
that is applicable to our operations and the preparation of our Consolidated Financial Statements, including that which we have
not yet adopted.  We do not believe that any such guidance will have a material effect on our financial position or results
of operations.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Organization</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">As used herein, the terms “ARL”, “the Company”,
“we”, “our” or “us” refer to American Realty Investors, Inc., a Nevada corporation, which was
formed in November 1999.  In August 2000, the Company acquired American Realty Trust, Inc. (“ART”), a Georgia
corporation and National Realty, L.P. (“NRLP”), a Delaware partnership.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The Company is headquartered in Dallas, Texas and its common
stock trades on the New York Stock Exchange (“NYSE”) under the symbol (“ARL”). Approximately 87.4% of ARL’s
stock is owned by related parties.  Subsidiaries of ARL own approximately 83.8% of the outstanding shares of common stock
of Transcontinental Realty Investors, Inc. (“TCI”), a Nevada corporation, which has its common stock listed and traded
on the New York Stock Exchange (“NYSE”) under the symbol (“TCI”).  ARL is a “C” corporation
for U.S. federal income tax purposes and has consolidated TCI’s accounts and operations since March 2003.  During
the third quarter 2012, Realty Advisors Management, Inc. (“RAMI”) and its subsidiaries acquired more than 80% of ARL
stock and as a result, ARL joined the RAMI consolidated group for federal income tax reporting.  We have no employees.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">TCI, a subsidiary of ARL, owns approximately 81.1% of the
common stock of Income Opportunity Realty Investors, Inc. (“IOT”).   Effective July 17, 2009, IOT’s
financial results were consolidated with those of ARL and TCI and their subsidiaries.  Shares of IOT are traded on the NYSE
MKT under the symbol (“IOT”). </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">ARL invests in real estate through direct ownership, leases
and partnerships and also invests in mortgage loans on real estate.  Pillar Income Asset Management, Inc. (“Pillar”)
is the Company’s external Advisor and Cash Manager.  Although the Board of Directors is directly responsible for
managing the affairs of ARL, and for setting the policies which guide it, the day-to-day operations of ARL are performed by Pillar,
as the contractual Advisor, under the supervision of the Board.  Pillar’s duties include, but are not limited to, locating,
evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing
for the Company with third party lenders and investors.  Additionally, Pillar serves as a consultant to the Board with regard
to their decisions in connection with ARL’s business plan and investment policy.  Pillar also serves as an Advisor and
Cash Manager to TCI and IOT.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Regis Realty Prime, LLC (“Regis”) manages our
commercial properties and provides brokerage services.  ARL engages third-party companies to lease and manage its apartment
properties.  TCI also has a development agreement with Unified Housing Foundation, Inc. (“UHF”) a non-profit
corporation that provides management services for the development of residential apartment projects in the future.  This
development agreement was terminated December 31, 2013.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Properties</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We own or had interests in a total property portfolio of 45
income-producing properties as of June 30, 2014.  The properties consisted of:</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 41px; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 45px; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">•</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Nine commercial properties consisting of five office buildings, one industrial warehouse, and three retail centers comprising in aggregate approximately 2.1 million rentable square feet;</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 41px"> </td>
<td style="width: 45px"><font style="font-size: 8pt">•</font></td>
<td><font style="font-size: 8pt">36 apartment communities totaling 6,166 units, excluding apartments being developed; and</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 41px"> </td>
<td style="width: 45px"><font style="font-size: 8pt">•</font></td>
<td><font style="font-size: 8pt">4,155 acres of developed and undeveloped land.</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We join with various third-party development companies to
construct residential apartment communities. We are in the predevelopment process on several residential apartment communities
but have not yet begun construction.  At June 30, 2014, we had no apartment projects in development.  The third-party
developer typically holds a general partner as well as a majority limited partner interest in a limited partnership formed for
the purpose of building a single property while we generally take a minority limited partner interest in the limited partnership.
We may contribute land to the partnership as part of our equity contribution or we may contribute the necessary funds to the partnership
to acquire the land. We are required to fund all required equity contributions while the third-party developer is responsible for
obtaining construction financing, hiring a general contractor and for the overall management, successful completion and delivery
of the project. We generally bear all the economic risks and rewards of ownership in these partnerships and therefore include these
partnerships in our consolidated financial statements. The third-party developer is paid a developer fee typically equal to a percentage
of the construction costs. When the project reaches stabilized occupancy, we acquire the third-party developer’s partnership
interests in exchange for any remaining unpaid developer fees.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Basis of Presentation</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The accompanying unaudited Consolidated Financial Statements
have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Certain information
and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally
accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations,
although management believes the disclosures are adequate to prevent the information presented from being misleading.  In
the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation
have been included.  The results of operations for the six months ended June 30, 2014 are not necessarily indicative
of the results that may be expected for other interim periods or for the full fiscal year.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The year-end Consolidated Balance Sheet at December 31,
2013 was derived from the audited financial statements at that date, but does not include all of the information and disclosures
required by GAAP for complete financial statements.  For further information, refer to the financial statements and notes
thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.  Certain
2013 financial statement amounts have been reclassified to conform to the 2014 presentation, including adjustments for discontinued
operations.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Principles of Consolidation</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The accompanying Consolidated Financial Statements include
the accounts of the Company, its subsidiaries, generally all of which are wholly-owned, and all entities in which we have a controlling
interest.  Arrangements that are not controlled through voting or similar rights are accounted for as a Variable Interest
Entity (“VIE”), in accordance with the provisions and guidance of ASC Topic 810, “Consolidation”, whereby
we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or managing
member as identified in accordance with Emerging Issues Task Force (“EITF”) Issue 04-5, Investor’s Accounting
for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain
Rights (“EITF 04-5”).  VIEs are generally entities that lack sufficient equity to finance their activities
without additional financial support from other parties or whose equity holders as a group lack adequate decision making ability,
the obligation to absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to
their economic interests.  The primary beneficiary generally is the entity that provides financial support and bears
a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially affect
the entity’s financial results.  All significant intercompany balances and transactions have been eliminated in
consolidation.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">In determining whether we are the primary beneficiary of a
VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment;
the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability
to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities
of us and the other investors.  Significant judgments related to these determinations include estimates about the current
future fair values and performance of real estate held by these VIEs and general market conditions.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">For entities in which we have less than a controlling financial
interest or entities where we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method
of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income.  Our
investment in Gruppa Florentina, LLC is accounted for under the equity method.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Real Estate, Depreciation and Impairment</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Real estate assets are stated at the lower of depreciated
cost or fair value, if deemed impaired.  Major replacements and betterments are capitalized and depreciated over their
estimated useful lives.  Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings
and improvements – 10-40 years; furniture, fixtures and equipment – 5-10 years).  The Company continually
evaluates the recoverability of the carrying value of its real estate assets using the methodology prescribed in ASC Topic 360,
“Property, Plant and Equipment”.  Factors considered by management in evaluating impairment of its existing
real estate assets held for investment include significant declines in property operating profits, annually recurring property
operating losses and other significant adverse changes in general market conditions that are considered permanent in nature.  Under
ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows
of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of
the asset) over its estimated holding period are in excess of the asset’s net book value at the balance sheet date.  If
any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset
to its estimated fair value.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Real Estate Held For Sale</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We periodically classify real estate assets as “held
for sale”.  An asset is classified as held for sale after the approval of our Board of Directors, after an active
program to sell the asset has commenced and if the sale is probable.  One of the deciding factors in determining whether
a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year.  Upon
the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net
book value or its estimated fair value, less costs to sell the asset.  Subsequent to the classification of assets as
held for sale, no further depreciation expense is recorded.  Real estate assets held for sale are stated separately on
the accompanying Consolidated Balance Sheets.  Upon a decision that the sale is no longer probable, the asset is classified
as an operating asset and depreciation expense is reinstated.  The operating results of real estate assets held for sale
and sold are reported as discontinued operations in the accompanying Consolidated Statements of Operations.  Income from
discontinued operations includes the revenues and expenses, including depreciation and interest expense, associated with the assets.  This
classification of operating results as discontinued operations applies retroactively for all periods presented.  Additionally,
gains and losses on assets designated as held for sale are classified as part of discontinued operations.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Cost Capitalization</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">Costs related to planning, developing, leasing and constructing
a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets.  We capitalize interest to qualifying
assets under development based on average accumulated expenditures outstanding during the period.  In capitalizing interest
to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use the weighted average interest
rate of non-project specific debt.  We capitalize interest, real estate taxes and certain operating expenses until building
construction is substantially complete and the building is ready for its intended use, but no later than one year from the cessation
of major construction activity.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We capitalize leasing costs which include commissions paid
to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable.  We
allocate these costs to individual tenant leases and amortize them over the related lease term.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Fair Value Measurement</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We apply the guidance in ASC Topic 820, “Fair Value
Measurements and Disclosures”, to the valuation of real estate assets.  These provisions define fair value as the
price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the
measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure
of fair value measurements by level within the fair value hierarchy.  The hierarchy gives the highest priority to quoted
prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the
reporting entity’s own data.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">The valuation hierarchy is based upon the transparency of
inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows:</p>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="width: 7%"> </td>
<td style="width: 93%"> </td></tr>
<tr>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">Level 1 –</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">Level 2 –</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">Level 3 –</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Unobservable inputs that are significant to the fair value measurement.</font></td></tr>
</table>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">A financial instrument’s categorization within the valuation
hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</p>
<p style="margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Related Parties</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We apply ASC Topic 805, “Business Combinations”,
to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics,
which include entities for which investments in their equity securities would be required, trust for the benefit of persons including
principal owners of the entities and members of their immediate families, management personnel of the entity and members of their
immediate families and other parties with which the entity may  deal if one party controls or can significantly influence
the decision making  of the other to an extent that one of the transacting parties might be prevented from fully pursuing
its own separate interests, or affiliates of the entity.</p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0"><b>Newly Issued Accounting Standards</b></p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/11.4pt Times New Roman, Times, Serif; margin: 0">We have considered all other newly issued accounting guidance
that is applicable to our operations and the preparation of our Consolidated Financial Statements, including that which we have
not yet adopted.  We do not believe that any such guidance will have a material effect on our financial position or results
of operations.</p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 86%"><font style="font-size: 8pt">Apartments</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">436,211</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Commercial properties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">178,338</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Land held for development</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">156,034</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Real estate held for sale</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,116</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Real estate subject to sales contract</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">25,211</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Total real estate</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">797,910</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Less accumulated depreciation</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(126,750</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Total real estate, net of depreciation</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt"><b> Maturity</b></font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt"><b>Interest </b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>Borrower</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 8pt"><b>Date</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 8pt"><b>Rate</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 8pt"><b>Amount</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 8pt"><b>Security</b></font></td></tr>
<tr style="vertical-align: top">
<td colspan="3"><font style="font-size: 8pt">Performing loans:</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Miscellaneous non-related party notes</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"> $           3,297</font></td>
<td> </td>
<td><font style="font-size: 8pt">Various secured interests</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Miscellaneous related party notes (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,441</font></td>
<td> </td>
<td><font style="font-size: 8pt">Various secured interests</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     One Realco Corporation (1) (2)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">01/17</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              7,000</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Realty Advisors Management, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/16</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.20%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">            20,387</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="3"><font style="font-size: 8pt">     S Breeze I-V, LLC</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">06/14</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,314</font></td>
<td> </td>
<td><font style="font-size: 8pt">6% Class A and 25% Class B Limited Partner Interests</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Woodhaven-Hawthorn, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">10/19</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.50%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">                 985</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,097</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of McKinney, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Echo Station) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,481</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Temple, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Inwood on the Park) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              5,059</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing Inwood, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Kensington Park) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,936</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing Kensington, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Lakeshore Villas) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,000</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Lakeshore Villas) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              9,096</font></td>
<td> </td>
<td><font style="font-size: 8pt">Membership interest in Housing for Seniors of Humble, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Limestone Canyon) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,057</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Austin, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Limestone Canyon) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              4,663</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Austin, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Limestone Ranch) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,250</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Vista Ridge, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Limestone Ranch) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              6,000</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Vista Ridge, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Parkside Crossing) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,272</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Parkside Crossing, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Sendero Ridge) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              5,174</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Sendero Ridge, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Sendero Ridge) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              4,812</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Sendero Ridge, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Timbers at the Park) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,323</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Terrell, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Tivoli) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              7,966</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Tivoli, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="7"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1)</font></td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,485</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Harvest Hill I, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="7"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1)</font></td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              2,555</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Harvest Hill, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (Trails at White Rock) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/32</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,815</font></td>
<td> </td>
<td><font style="font-size: 8pt">100% Membership Interest in Unified Housing of Harvest Hill III, LLC</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/13</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              6,000</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/15</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">            17,928</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Unified Housing Foundation, Inc. (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/16</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,657</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="7"><font style="font-size: 8pt">     Foundation for Better Housing, Inc. (Preserve at Prairie Pointe) (1)</font></td>
<td style="text-align: center"><font style="font-size: 8pt">03/19</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,810</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="7"><font style="font-size: 8pt">     Foundation for Better Housing, Inc. (Preserve at Prairie Pointe) (1)</font></td>
<td style="text-align: center"><font style="font-size: 8pt">03/17</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,156</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="6"><font style="font-size: 8pt">     Foundation for Better Housing, Inc. (Vista Ridge) (1)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">04/19</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              3,923</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="3"><font style="font-size: 8pt">     Accrued interest</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">            11,471</font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="3"><font style="font-size: 8pt"><b>Total Performing</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"><b> $       154,410</b></font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td style="width: 2%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 13%"> </td>
<td style="width: 1%"> </td>
<td style="width: 5%"> </td>
<td style="width: 1%"> </td>
<td style="width: 5%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%"> </td>
<td style="width: 1%"> </td>
<td style="width: 44%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="4"><font style="font-size: 8pt">Non-Performing loans:</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="4"><font style="font-size: 8pt">     Leman Development, Ltd (2)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">07/11</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,500</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="3"><font style="font-size: 8pt">     Tracy Suttles (2)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/11</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.00%</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">              1,077</font></td>
<td> </td>
<td><font style="font-size: 8pt">Unsecured</font></td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">     Miscellaneous non-related party notes</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">Various</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">                 507</font></td>
<td> </td>
<td><font style="font-size: 8pt">Various secured interests</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td colspan="3"><font style="font-size: 8pt">     Accrued interest</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">                   57</font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td colspan="4"><font style="font-size: 8pt"><b>Total Non-Performing</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"><b> $           3,141</b></font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: aliceblue">
<td> </td>
<td colspan="5"><font style="font-size: 8pt">      Allowance for doubtful accounts</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">          (19,537)</font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="2"><font style="font-size: 8pt"><b>Total</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b> $       138,014</b></font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="4"><font style="font-size: 8pt"> (1)  Related party notes</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="8"><font style="font-size: 8pt"> (2)  An allowance was taken for estimated losses at full value of note</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
6809000
15336000
4026000
5741000
-3918000
-7905000
-2035000
-5217000
1370000
1706000
551000
2090000
1226000
1226000
613000
613000
594000
-35000
13057000
25301000
-7249000
677000
-809000
0
1214000
982000
-8320000
-10329000
-335000
-900000
323000
-2991000
0
871000
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>As of June 30,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 72%"><font style="font-size: 8pt">Real estate, net of accumulated depreciation</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">10,832</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">11,153</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Notes receivable</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,934</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,367</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Other assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">31,107</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">31,589</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Notes payable</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(11,002</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(12,490</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Other liabilities</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(6,631</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(7,093</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Shareholders' equity</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(31,240</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(29,526</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Six Months Ended June 30,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Revenue</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">23,990</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">23,029</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(575</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(589</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(22,121</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(20,946</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Interest expense</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(445</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(534</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Income from continuing operations</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">849</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">960</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Income from discontinued operations</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Net income</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">849</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">960</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Company's proportionate share of earnings (1)</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">170</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">192</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="4"><font style="font-size: 8pt">(1) Earnings represents continued and discontinued operations</font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>Percentage ownership as of</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"><b>June 30, 2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"><b>June 30, 2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 64%"><font style="font-size: 8pt">Gruppa Florentina, LLC</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">20.00</font></td>
<td nowrap="nowrap" style="width: 1%"><font style="font-size: 8pt">%</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">20.00</font></td>
<td nowrap="nowrap" style="width: 1%"><font style="font-size: 8pt">%</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Notes Payable</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Accrued Interest</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total Debt</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 58%"><font style="font-size: 8pt">Apartments</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">406,222</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,199</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">407,421</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Commercial</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">101,855</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">463</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">102,318</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Land</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">88,344</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">117</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">88,461</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Real estate held for sale</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,203</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,203</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Real estate subject to sales contract</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">19,174</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,584</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20,758</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Other</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">24,174</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">92</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">24,266</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>641,972</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>3,455</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>645,427</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Pillar</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 82%"><font style="font-size: 8pt">Related party receivable, December 31, 2013</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">14,086</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Cash transfers</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">27,262</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Advisory fees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,445</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Fees and commissions</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,194</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Cost reimbursements</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,670</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Interest (to) from advisor</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">490</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Notes receivable purchased</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(8,437</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Net income fee</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(700</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Expenses paid by Advisor</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,317</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Financing (mortgage payments)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,669</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 8pt">Sales/purchases transactions</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">350</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Related party receivable, June 30, 2014</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">26,094</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Commercial</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Three Months Ended June 30, 2014</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Apartments</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Hotels</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Land</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Other</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 28%"><font style="font-size: 8pt">Rental and other property revenues</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">4,775</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">16,055</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">18</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">20,848</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,168</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,871</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">280</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,319</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,758</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,741</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(18</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,481</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,637</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,161</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,412</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,536</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,746</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Deferred borrowing costs amortization</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">104</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">46</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">185</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">343</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Interest income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,041</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,041</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Gain on land sales</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(159</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(159</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,796</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,178</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,897</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">3,356</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,841</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Capital expenditures</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,862</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">99</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">159</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,120</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">131,193</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">372,674</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">167,293</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt"><b>Property Sales</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Sales price</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">16,600</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">717</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">17,317</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of sale</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">9,597</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">876</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">10,473</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Gain (loss) on sale</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,003</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(159</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,844</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Commercial</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Three Months Ended June 30, 2013</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Apartments</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Hotels</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Land</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Other</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Rental and other property revenues</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,121</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">15,252</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">22</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">7</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">20,402</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,383</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,645</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">356</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">32</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,416</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,669</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,701</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(39</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,331</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,655</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,336</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,504</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,790</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,285</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Deferred borrowing costs amortizaion</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">21</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(94</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">35</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(31</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Loan charges and prepayment penalties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">180</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">180</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Interest income</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">3,512</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">3,512</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(607</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,664</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,873</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,549</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">733</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Capital expenditures</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,236</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">79</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,315</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">138,990</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">383,068</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210,095</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">732,153</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Property Sales</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Sales price</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">26,974</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">24,822</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">51,796</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of sale</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">14,914</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">18,808</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">33,722</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Gain on sale</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">12,060</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,014</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">18,074</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>For the Three Months Ended</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 72%"><font style="font-size: 8pt">Segment operating income</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,841</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">733</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Other non-segment items of income (expense)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">General and administrative</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,196</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,041</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Net income fee to related party</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(210</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(48</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Advisory fee to related party</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,202</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,487</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Other income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">232</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">149</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Provision on impairment of notes receivable and real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(800</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Earnings from unconsolidated investees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(124</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(25</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Litigation settlement</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(86</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">57</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 8pt">Income tax benefit</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">2,035</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">5,217</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Net income (loss) from continuing operations</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,710</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">755</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 72%"><font style="font-size: 8pt">Segment assets</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">732,153</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Investments in unconsolidated investees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,833</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,415</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Notes and interest receivable</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">138,014</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">103,690</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Other assets</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">109,218</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">212,355</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Total assets</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">922,225</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,058,613</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Commercial</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Six Months Ended June 30, 2014</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Apartments</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Hotels</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Land</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Other</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 28%"><font style="font-size: 8pt">Rental and other property revenues</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">9,557</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">31,736</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">28</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">41,321</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,315</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">13,668</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">590</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20,578</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,571</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,435</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(54</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,952</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,114</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,357</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,462</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,279</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">18,212</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Deferred borrowing costs amortization</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">21</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">992</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">81</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">188</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,282</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Loan charges and prepayment penalties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,573</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,582</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Interest income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,158</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,158</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Gain on land sales</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">594</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">594</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(3,473</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,711</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(2,485</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">5,714</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,467</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Capital expenditures</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,992</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">99</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">151</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,242</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">131,193</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">372,674</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">167,293</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Property Sales</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Sales price</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">16,600</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">23,131</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">717</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">40,448</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of sale</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">9,597</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">17,077</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">123</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">26,797</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Gain on sale</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,003</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,054</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">594</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">13,651</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Commercial</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt"><b>For the Six Months Ended June 30, 2013</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Properties</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Apartments</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Hotels</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Land</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Other</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Rental and other property revenues</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10,384</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">30,183</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">56</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">14</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">40,637</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,594</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">13,009</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">726</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">19,338</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,777</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,401</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(98</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,080</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,986</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,000</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,041</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,693</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">18,720</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Deferred borrowing costs amortizaion</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">43</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,247</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">97</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">42</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,429</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Loan charges and prepayment penalties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,937</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">180</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,117</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Interest income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,053</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,053</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Loss on land sales</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(35</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(35</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(1,016</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(3,411</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(3,843</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">3,241</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(5,029</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Capital expenditures</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,913</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">110</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">281</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,304</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">138,990</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">383,068</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210,095</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">732,153</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Property Sales</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Sales price</font></td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">26,974</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">50,122</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,250</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">79,346</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of sale</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">14,914</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">36,881</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">2,285</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">54,080</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Gain (loss) on sale</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">12,060</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">13,241</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(35</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">25,266</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>For the Six Months Ended</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 72%"><font style="font-size: 8pt">Segment operating income (loss)</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,467</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">(5,029</font></td>
<td nowrap="nowrap" style="width: 1%"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Other non-segment items of income (expense)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">General and administrative</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(5,188</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,053</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Net income fee to related party</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(700</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(104</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Advisory fee to related party</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,445</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(5,042</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Other income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">411</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,685</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Loss on sale of investments</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(8</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Provision on impairment of notes receivable and real estate assets</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(800</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Earnings from unconsolidated investees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(54</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">188</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Litigation settlement</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,752</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">12</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 8pt">Income tax benefit</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">3,918</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">7,905</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Net loss from continuing operations</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(839</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(4,246</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 72%"><font style="font-size: 8pt">Segment assets</font></td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">671,160</font></td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">732,153</font></td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Investments in unconsolidated investees</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,833</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,415</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Notes and interest receivable</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">138,014</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">103,690</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Other assets</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">109,218</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">212,355</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Total assets</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">922,225</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,058,613</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>For the Three Months Ended June 30,</b></font></td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b>For the Six Months Ended June 30,</b></font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>2013</b></font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Revenues:</b></font></td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="width: 48%; padding-bottom: 1.5pt"><font style="font-size: 8pt">     Rental and other property revenues</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(7</font></td>
<td nowrap="nowrap" style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">8,039</font></td>
<td nowrap="nowrap" style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">1,251</font></td>
<td nowrap="nowrap" style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">17,103</font></td>
<td nowrap="nowrap" style="width: 1%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(7</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,039</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,251</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">17,103</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Expenses:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">     Property operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">221</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,374</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,208</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,891</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">     Depreciation</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">21</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,297</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">193</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,735</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">     General and administrative</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">140</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">271</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">305</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">540</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">          Total operating expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">382</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,942</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,706</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">11,166</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt"><b>Other income (expense):</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">     Other income</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(528</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(491</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">20</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">     Mortgage and loan interest</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(70</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,047</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(388</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,326</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">     Deferred borrowing costs amortization</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(993</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(278</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,012</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">     Loan charges and prepayment penalties</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,200</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,245</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">     Litigation settlement</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(205</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(45</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(250</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(90</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">          Total other expenses</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(800</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(6,265</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,407</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(8,653</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td><font style="font-size: 8pt">Loss from discontinued operations before gain on sale of real estate and tax</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,189</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,168</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,862</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,716</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">     Gain on sale of real estate from discontinued operations</font></td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,003</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">18,074</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">13,057</font></td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">25,301</font></td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: aliceblue">
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">     Income tax expense</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(2,035</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(5,217</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(3,918</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(7,905</font></td>
<td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">Income from discontinued operations</font></td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">3,779</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">9,689</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,277</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">14,680</font></td>
<td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr>
</table>
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On July 1, 2014, TCI invested $5.9 million and $6.1 million in notes receivable from HGH Residential, LLC relating to the
acquisition of an apartment complex known as Park West I and II in Pueblo, CO and the development of an apartment complex
known as Tradewinds in Midland, TX.
On July 17, 2014, Realty Advisors, Inc. requested that 890,797 shares of ARI Series A Cumulative Convertible Preferred Stock
be converted into ARL Common Stock. This resulted in the issuance of 2,502,230 new shares of ARL Common Stock, converted at
$6.07 per share.
On July 25, 2014, TCI sold 24.498 acres of land known as Stanley Tools and Kelly Lots located in Farmers Branch, Texas to
an independent third party. TCI paid off the existing mortgage of $1.7 million in addition to making a $0.2 million payment
on another existing mortgage related to another parcel of land located in McKinney, Texas. There was no gain or loss on the
land parcel sale.
On July 31, 2014, TCI refinanced the existing mortgage on Desoto Ranch apartments, a 248-unit complex located in Desoto, Texas,
for a new mortgage of $15.7 million. TCI paid off the existing mortgage of $15.7 million and $0.5 million in closing costs.
The note accrues interest at 3.5% and payments of interest and principal are due monthly, maturing June 1, 2050.
28000000
23400000